Effective customer information lifecycle management builds better digital experiences

Delivering excellent digital customer experiences has become a defining factor for financial services organizations today. The Financial Brand suggests that banks with a customer-centric culture are 60% more profitable than others. Yet, after years of trying, financial services institutions (FSIs) are still not delivering the experience that customers expect. Why is that?

Whether in retail or commercial banking, insurance or wealth management, meeting the expectations of your customers means really understanding them. You require a 360-degree view of customers, across the entire enterprise, at each stage of their journey.

Yet full customer lifecycle management is an under-developed discipline in the Financial Services sector. Early attempts have been fragmented and often siloed in different departments or business units. FSIs understand that replacing this fragmentation with a holistic, end-to-end approach will reap substantial benefits in gaining visibility into the customer or client, understanding their needs and preferences, and being able to personalize products and services.

The benefits of customer lifecycle information management

In this, data should be friend not foe. FSIs have all the data they need to fully know their customers but, at the same time, so much data that it can become daunting to derive value from it. Questions like ‘what data do we have?’, ‘where is it stored?’, ‘is it up-to-date and accurate?’, ‘is it secure and compliant?’ and ‘who should have access to it’ are common to ask yet incredibly complex to answer.

Implementing an enterprise-wide solution for Customer Lifecycle Information Management can help FSIs build the customer experiences required.  Key benefits include:

  • Delivering the right information at the right time The CLIM solution breaks down information silos and connects disparate systems to eliminate inefficiencies and enable improved information sharing. It digitizes, streamlines and automates time-intensive, paper-based manual processes to increase productivity and agility across the enterprise. It enables employees to work anywhere, any time to support flexible, hybrid work practices.
  • Meeting customer expectations This approach enables you to deliver optimal and consistent customer service interactions and to engage on your customer’s channel of choice. Insight into each customer allows organizations to create, personalize and deliver products and services that meet the needs of individuals. This includes the ability to create self-service capabilities that are engaging and effective.
  • Reducing risk and meet regulatory requirements Automated business processes diminish risk and improve efficiency, ensuring security and compliance. In addition to dramatically reducing the potential for human error and foul play, the solution helps FSIs maintain and adhere to evolving compliance regulations as well as support end-to-end KYC and anti-fraud processes.

Introducing Customer Lifecycle Information Management for Financial Services from OpenText

The OpenText™ solution is designed to address the end-to-end customer journey in retail banking, commercial banking, wealth management and insurance. Customer Lifecycle Information Management (C-LIM) for Financial Services is a solution that manages customer-focused information from on-boarding support to services to sales. Based on OpenText™ Extended xECM, the solution integrates with key CRM systems – such as Salesforce – to ingest, analyze, manage and distribute the content needed to support all customer-related business processes. This provides a single source of truth to support any customer process or enquiry.

In addition, C-LIM for Financial Services includes OpenText™ TeamSite™ and OpenText™ Exstream™ to optimize customer-focused and personalized experiences. This integrated solution creates a real-time, 360-degree view of the customer to empower employees to provide superior service, deliver optimized customer experiences, enforce governance and risk management and reduce operational costs.

To find out more about OpenText Customer Lifecycle Information Management for FSI, visit our website.

Monica Hovsepian

Monica Hovsepian is the Global Industry Strategist for Financial Services at OpenText. With more than two decades of financial industry experience, Monica has become a trusted subject matter expert in the Financial Services Industry, having worked with numerous large and international banks in North America, Europe and Asia.

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